America Movil said that it had secured financing to buy the rest of Dutch group KPN. The Mexican telecoms said that even though the offer might come in too late to persuade KPN to sell its German unit until October.
America Movil is controlled by billionaire Carlos Slim, which made an offer weeks after KPN announced selling E-Plus to Spain's Telefonica. The latter deal was valued EUR8.1 billion in cash and shares. This disrupted the planned expansion of America Movil into Europe.
According to sources who were familiar with the matter said that Slim's firm offered deal was seen to be too low and was too burdened regulatory risks. America Movil already owned around 30% in KPN.
After America Movil made its announcement last Wednesday, KPN said that it would hold a shareholders' meeting on October 2. The meeting would be to vote on the sale of E-Plus, KPN's German unit.
Join the Conversation